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Consumer Financial Protection Bureau (CFPB) Administrative Agencies

Venable LLP

Trump's Second Term: What's Ahead for Eight Key Sectors?

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During a campaign season that saw an incumbent president bow out of his own re-election bid and assassination attempts against his challenger, substantive policy debates were sometimes obscured by the drama. ...more

Holland & Knight LLP

Podcast - Supreme Court Upholds CFPB Funding Structure

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In this episode of his "Clearly Conspicuous" podcast series, "Supreme Court Upholds CFPB Funding Structure," consumer protection attorney Anthony DiResta discusses a U.S. Supreme Court decision affirming the Consumer...more

Ballard Spahr LLP

Rent-to-Own Company Sues CFPB Over Authority to Regulate RTO Transactions

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Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...more

Ballard Spahr LLP

A reply to Professor Sovern’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

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Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more

Ballard Spahr LLP

CFPB Announces Virtual Meeting in January for Prospective Enforcement Staff Applicants

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On October 16 of last year, I reported that Eric Halperin, Enforcement Director of the CFPB, announced that the CFPB intended to substantially increase the number of enforcement staff by 50% and to create a 5th litigation...more

Troutman Pepper

Small Business Lenders Score Big Relief: Texas Federal District Court Grants Nationwide Injunction Against CFPB’s Implementation...

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In a major victory for small business lenders, yesterday the U.S. District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing...more

McGlinchey Stafford

Clues On High Court Outcome In CFPB Constitutionality Case

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On October 3, the U.S. Supreme Court heard oral arguments in the Consumer Financial Protection Bureau v. Community Financial Services Association of America, the latest in a long line of cases targeting the constitutionality...more

Ballard Spahr LLP

CFPB Appoints New Members to Advisory Committees

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On October 5, the CFPB published the list of new members appointed to serve on the Consumer Advisory Board and each Council group....more

Ballard Spahr LLP

CFPB planning significant staff increases; number of full-time enforcement attorneys to increase by 50%

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American Banker recently reported that the CFPB is planning to substantially increase the size of its staff, particularly its Enforcement Division staff....more

Venable LLP

Tracking the Impact of Securities and Exchange Commission v. Jarkesy and Other Constitutional Challenges Against the FTC

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In recent years, independent agencies have continued to face a number of constitutional and statutory challenges before the Supreme Court. AMG Capital Management struck down the Federal Trade Commission’s authority to obtain...more

Epstein Becker & Green

The Validity of More Than a Decade’s Worth of Federal Regulations Are at Stake as the U.S. Supreme Court Decides the...

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On October 3, 2023, the United States Supreme Court heard oral argument in Community Financial Services Association of America Ltd., et al. v. Consumer Financial Protection Bureau, et al., in which the Court was asked to...more

Venable LLP

C[FPB] You Later? Agency’s Future Hangs in the Balance After Oral Argument

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On October 3, the Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited, where the Court is reviewing the Fifth Circuit’s opinion that struck...more

Hudson Cook, LLP

U.S. Supreme Court Hears Oral Argument on Whether CFPB's Funding Mechanism Is Constitutional

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On October 3, 2023, the U.S. Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America. At issue is the constitutionality of the CFPB's funding structure,...more

Ballard Spahr LLP

Is there a better route to nationwide relief than multiple preliminary injunction motions in the Texas lawsuit challenging the...

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This past Thursday, August 31, another preliminary injunction motion was filed in the Texas lawsuit challenging the CFPB’s small business lending rule (Rule). The latest motion was filed by XL Funding, LLC d/b/a Axle...more

Troutman Pepper

Several Trade Associations Join Calls to CFPB to Stay Implementation of its Section 1071 Final Rule

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On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured...more

Ballard Spahr LLP

Happy Twelfth Anniversary CFPB

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Last Friday, July 21, 2023, marked the CFPB’s twelfth anniversary.  To publicize the occasion, the CFPB published a blog post on July 20 in which it touted its achievements and ongoing initiatives....more

Ballard Spahr LLP

16 amicus briefs filed with SCOTUS in support of CFSA’s position that CFPB’s funding mechanism is unconstitutional

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Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more

Perkins Coie

Supreme Court Allows Structural Constitutional Challenges to FTC and SEC Proceedings in Federal District Court

Perkins Coie on

The U.S. Supreme Court ruled in two related cases, Axon Enterprise Inc. v. FTC (No. 21-86) and SEC v. Cochran (No. 21-1239), that federal district courts have jurisdiction to hear structural constitutional challenges to the...more

Goodwin

Second Circuit Rules CFPB Constitutionally Funded, Creates Circuit Split

Goodwin on

On Thursday March 23, 2023, a three-judge panel of the Second Circuit unanimously ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional, creating a circuit split between the Second...more

Cadwalader, Wickersham & Taft LLP

Second Circuit Rules CFPB Funding Mechanism Is Constitutional, Deepening Split with Fifth Circuit

On March 23, the U.S. Court of Appeals for the Second Circuit ruled that the CFPB’s funding mechanism is constitutional. The case, CFPB v. Law Offices of Crystal Moroney, is significant for two reasons. First, the Second...more

Orrick, Herrington & Sutcliffe LLP

House subcommittee discusses CFPB reform proposals

On March 9, the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy held a hearing to discuss proposals that would alter the structure and authority of the CFPB. The subcommittee...more

Manatt, Phelps & Phillips, LLP

Chopra Takes the Reins at the CFPB

On September 30, 2021, the U.S. Senate, on a party-line vote, confirmed the nomination of Rohit Chopra to head the Consumer Financial Protection Bureau (CFPB or Bureau). This action solidifies the Biden administration’s...more

Goodwin

White House Issues Memorandum Urging Federal Agencies to Adopt Protections for Subjects of Enforcement

Goodwin on

On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) directing the heads of...more

Ballard Spahr LLP

CFPB Seeking New Associate Director For Research, Markets, And Regulations

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The CFPB currently has a job posting for the position of Associate Director for Research, Markets, and Regulations....more

Ballard Spahr LLP

CFPB Announces New Deputy Director And Additions To Executive Team

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Somewhat overshadowed by the Supreme Court’s Seila Law decision and other CFPB-related developments was the CFPB’s announcement on Tuesday of personnel changes....more

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